Large scale collective bargaining . . . is merely a seductive name for bilateral monopoly, and means either adjudication of conflicts in terms of power, or deadlock and stoppage, usually injuring outside people more than the immediate parties to the dispute.
Frank Knight...even professors of economics, to say nothing of the public, do not generally have scientific minds.
Frank KnightSociology isthescience of talk, and there is onlyone law in sociology. Bad talk drives out good.
Frank KnightIn the long run all producers are forced to use the most efficient methods or give place to others who do.
Frank Knight